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In 2011, financial services companies, such as State Street, will invest in 'cloud' computing to cut technology expenses. The Boston-based institution hopes implementing 'clouds' will save them more than $600 million from operating costs by 2014.

Trevor Nagel, a partner in White & Case's global sourcing and technology transactions group, says an increase in cloud deployments, as well as an adoption of "pay per usage" tech payment model are also part of a trend toward migrating IT closer to business units. "The modern CIO is going to have to think of business strategy as part of the IT strategy," he says. "You can't just give the tech to the business unit and say, 'Here's what it does.'"